ICBC rights issue to raise up to $1.68 billion

HongKong

HONG KONG (MarketWatch) -- Industrial & Commercial Bank of China Ltd. (1398.HK), China's largest lender by assets, said Thursday it aims to raise as much as HK$13.05 billion (US$1.68 billion) from the Hong Kong portion of its planned rights issue.

The bank said Wednesday it plans to raise as much as CNY34 billion (US$5.1 billion) from the Shanghai tranche of the rights issue.

In total, ICBC could raise up to US$6.78 billion from the rights issue to shore up its capital base.

According to the bank's plan, it will offer Hong Kong dollar-denominated H shares at HK$3.49 each, a 47% discount to its closing price of HK$6.63 on Wednesday. The lender will sell yuan-denominated A shares at CNY2.99 each, a 37% discount to its closing price of CNY4.74 on Wednesday.

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